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Gold’s worst day in two years, Crude oil eyes bounce above $80: Asian Open
chart Just one day down, gold is already on track for a bearish engulfing week which opened at the high and closed the day at the low. The weekly RSI (14) had reached its highest overbought level since August 2020 with a reading of 80. And, as noted in the weekly COT report, managed funds and large speculators trimmed long exposure last week with managed funds increasing their short exposure for a second week. The daily chart shows that the nice bullish trend from the $2000 area has seen a shakeup at the highs. Monday’s bearish engulfing candle was its worst day in nearly two years, forming a bearish Marabuzo ... (full story)